On March 31, 2025, Deputy Prime Minister Tran Hong Ha and Deputy Prime Minister Mai Van Chinh co-chaired a meeting in hybrid format with the relevant Ministries, agencies and local authorities on the implementation results of the three National Target Programs (NTPs) of New Rural Development, Sustainable Poverty Reduction, and Socio-Economic Development in the Ethnic Minorities’ and Mountainous Areas. First Deputy Governor Dao Minh Tu of the State Bank of Vietnam (SBV) attended and delivered a speech at the meeting.
SBV First Deputy Governor Dao Minh Tu speaks at the meeting
Sharing about the SBV’s solutions in implementing the National Target Programs (NTPs), Deputy Governor Dao Minh Tu said that, based on the Resolutions of the National Assembly and the Decisions of the Prime Minister approving the NTPs, the SBV has studied, reviewed, issued and submitted for issuance many mechanisms and policies to implement the NTPs. In addition, the SBV has put strong efforts into implementing several solutions to improve the business environment, facilitate the people’s and businesses’ access to bank credit, and contribute to the implementation of the NTPs for the 2021-2025 period.
According to Deputy Governor Dao Minh Tu, the SBV has managed the monetary policy in a proactive, flexible and effective manner, in collaboration with the fiscal policy and other macro-economic policies, contributing to controlling the inflation, maintaining the macro-economic stability, creating favorable conditions for production and business activities, and supporting the economic growth.
In addition, the SBV has directed the credit institutions to focus credit resources on production and business sectors, the priority sectors in accordance with the Government's policy, and has implemented specific credit programs to support the economic sectors and areas, including the credit program for the forestry and fisheries sectors, the policy credit programs for the poor and other policy beneficiaries at Vietnam Bank for Social Policies (VBSP) to contribute to the sustainable poverty reduction.
Especially, the SBV has issued several documents directing the SBV municipal and provincial branches and the credit institutions to implement the tasks of the banking sector as stated in the NTP on New Rural Development.
Through the consistent implementation of the monetary and banking policy solutions, along with the tasks of the banking sector in the NTPs, the banks’ credit has become an important resource for the realization of the targets established in the NTPs. Currently, more than 10 million customers are benefiting from the credit programs and products of the banking sector, with the total outstanding credit balance reaching over 2,200 trillion VND, exceeding the plan set for the entire period of 2021-2025 (according to Decision No. 263/QD-TTg); the outstanding credit balance of the preferential credit programs in support of the implementation of the NTPs has exceeded 376 trillion VND, with about 6.8 million customers with outstanding loans; the outstanding credit balance of the preferential credit programs for the ethnic minorities’ and mountainous areas (in accordance with Decree No. 28/2022/ND-CP of the Government) has reached over 2.4 trillion VND, with over 49,000 customers with outstanding loans.
The participants at the meeting
Sharing about some difficulties in implementing the NTPs, especially the financial sources, Deputy Governor Dao Minh Tu said that the implementation of the preferential credit policy in support of the implementation of the NTP on the Socio-Economic Development in the Ethnic Minorities’ and Mountainous Areas in accordance with Decree No. 28/2022/ND-CP had been quite limited (with only 2,317 billion VND disbursed out of 9,000 billion VND (25.7%) in the 2022-2023 period, and only 2,401 billion VND disbursed out of 19,727 billion VND in the 2021-2025 period).
According to Deputy Governor Dao Minh Tu, in the coming time, the SBV would continue to review and propose amendments of Decree No. 55/2015/ND-CP on the credit policies for agriculture and rural development, in order to create more favorable conditions for the people and businesses to access banks’ capital, and reviewed, revised and supplemented the provisions of Decree No.28/2022/ND-CP after the issuance of a new Decision by the Prime Minister revising Decision No. 1719/QD-TTg.
In order to remove the difficulties in financial resources, Deputy Governor Dao Minh Tu suggested that the Ministry of Finance and the Ministry of Ethnic Minorities and Religions to urgently report to the Government for consideration and allocation of financial resources to Vietnam Bank for Social Policies for the implementation of the preferential credit policies in accordance with Decree No. 28/2022/ND-CP for the 2024-2025 period, ensuring the effective implementation of the policy for the ethnic minorities and the mountainous areas.
The Deputy Governor also suggested that the local authorities arrange more residential and production land for the implementation of the support policy as stated in Decree No. 28/2022/ND-CP of the Government; creating an enabling environment in terms of investment procedures, etc.
HY